2018 (8) TMI 911
Income received from undivided share in I.T.Park - income from business or house property - Held that - the assessee may not have constructed the I.T.Park he is a developer of the I.T.Park. From the Memorandum of Association of the assessee company he has found that the main object of the assessee company is to carry on all or any of the business as estate builders of residential, office or any other type of accommodation and for that purpose to ....... + More
2018 (8) TMI 910
Assessee in Default u/s 201(1) - Failure to deduct tax at source (TDS u/s 192) - The assessee (KPTCL) paid cash equivalent to its employees at the time of their retirement - Exemption u/s 10(10AA) in respect of payment in lieu of leave period not availed by the employee - Sec.10(10AA) does not define as to who is to be regarded as employee of Central or a State Government. The revenue s case is KPTCL is not State Government but a statutory corpor....... + More
2018 (8) TMI 873
Addition u/s 68 - share application money - primary burden of establishing the identity of the applicant, the genuineness of the transaction and the creditworthiness of the party - Held that - SLP dismissed........ + More
2018 (8) TMI 872
Nature of amount received as award against damages for breach of contract - capital receipt or revenue receipt - Compensation of a settlement for loss of its bottling rights with Coca Cola Company, USA - Held that - SLP dismissed........ + More
2018 (8) TMI 871
Additions made by the assessing authority on account of accrued interest on loans which are classified as Non-performing Assets - applicability of provisions of section 43D - Held that - SLP dismissed........ + More
2018 (8) TMI 870
TDS u/s 194H and/or 194J - arrangement worked out between the assessee company and the distributor (Agency) - withhold tax at source u/s 194H in respect of sales to its distributors, which are on principal to principal basis and wherein property in the goods is transferred to the distributor - Held that - SLP dismissed........ + More
2018 (8) TMI 869
Claim of depreciation on hotel building - additions u/s 41(1) - additions u/s 68 - unexplained share capital - Held that - SLP dismissed........ + More
2018 (8) TMI 868
Deduction u/s 80O - reassessment - jurisdiction to categorize a portion of the receipts of the Appellant for professional services as attributable to alleged routine services - Appellant was rendering a consolidated report - indivisible part of the professional work - Held that - The jurisdiction to reopen an assessment is a very limited jurisdiction hemmed in by various limitations, amongst them being no notice for reopening can be issued only o....... + More
2018 (8) TMI 867
Assessment u/s 153A - allegation of generation of unaccounted money and also transfer of such money in exchange of share capital - proving any accommodation entry - reliance on third party statement - CIT(A) and ITAT deleted the additions - Held that - The ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of the investor companies and held that there the assessee had discharged the primary onus to ....... + More
2018 (8) TMI 866
Additions u/s 68 - allotment of share capital - It is stated that when liability has been created equal to amount of assets transferred and shares allotted in settlement of this liability, there can be no addition under Section 68 of the said Act as unexplained cash credit - tribunal further held that, value of shares allotted to individuals would amount to unexplained cash credit - Held that - Additions confirmed by the tribunal deleted - Decide....... + More
2018 (8) TMI 865
Settlement of case - power of commission u/s 254F to rectify an order - levy of interest liability u/s 234B which was not levied in the original order - Section 245F(1) of the 1961 Act confers on the Settlement Commission all powers which are vested in an Income Tax Authority under the 1961 Act. The Settlement Commission, therefore, has power to rectify an order. The powers under Section 154 of the 1961 Act can be exercised by the Settlement Comm....... + More
2018 (8) TMI 864
Exemption/ deduction u/s 54 - Purchase of land with superstructure - After demolishing the existing superstructure, the appellant assessee constructed a residential house - assessee submitted that the new residential property had been constructed within a period of three years from the date of sale of the old property. He argued that construction of a property cannot be done without land underneath it and, therefore, the cost of construction of t....... + More
2018 (8) TMI 863
Transfer pricing - exclusion of comparable - ITAT adopted the 15% as RPT Filter as against 25% RPT filtered applied by the TPO - International Transaction of the Assessee with its associated enterprises - Held that - unless the finding of the Tribunal is found ex facie perverse, the Appeal u/s. 260-A of the Act, is not maintainable. - Decided against the revenue........ + More
2018 (8) TMI 862
Prosecution proceedings u/s 276C(1) and 277 - pre-charge evidence - willful attempt to evade tax - false statement in verification having been made in the returns and false statement of accounts delivered. - HC dismissed the petition by holding that, there are no special circumstances made out in the case at hand for the revisional court s view to be disturbed........ + More
2018 (8) TMI 861
Nature of expenditure - capital or revenue - repair and maintenance expenditure - addition of income on account of minimum guaranteed quantities by users of assessee s storage facility - Held that - Both the issues answered against the revenue and in in favor of assessee........ + More
2018 (8) TMI 860
Additions u/s 68 - majority of the deposits received from the public and the agents - onus to prove source of funds - Held that - Merely because there was a permission granted under the Companies Act to accept deposits from the public, it does not necessarily follow that the deposits shown are really those received from the members of the public or from the agents. Section 68 is a provision which seeks to ensure that the income received by an ass....... + More
2018 (8) TMI 859
Rectification of an error u/s 154 - The order was passed after scrutiny u/s 143(3) - AO revised assessment order and recalculated the indexed cost of acquisition applying the provisions of Section 48(iii) of the Income Tax Act - ITAT deleted the rectification order passed u/s 154 - Held that - As rightly observed, powers under Section 154 of the Income Tax Act can be exercised only when the mistake, which is sought to be rectified is an obvious m....... + More
2018 (8) TMI 858
Depreciation u/s 32 - depreciation on the non-complete fee - depreciation on brand equity - Held that - the issue involved in this appeal is covered by the decision of this Court in Commissioner of Income Tax, Chennai Vs. M/s. Radaan Media Works India Ltd., Chennai 2017 (8) TMI 662 - MADRAS HIGH COURT - Decided against the revenue........ + More
2018 (8) TMI 857
Disallowance of expenditure u/s 14A read with Rule 8D - assessee has made investments, which has resulted tax free income to the assessee - Held that - Hon ble Court have laid down that if there be funds available; both interest free, overdrafts and loans taken, then a presumption would arise that investment would be out of interest free funds generated or available with the company. The ld.DRP has failed to take note of the ratio laid down in th....... + More
2018 (8) TMI 856
Taxability of income of the appellant - permanent establishment ( PE ) in India - Royalty - supply of software - taxability of entire receipts from supply of software under section 44D read with section 115(l)(b)(A) of the Act - attribution of profit - Held that - since it has already been held in the hands of Reliance Communications 2018 (4) TMI 80 - ITAT MUMBAI by the elaborate order referred above that the payment made by it was not royalty in....... + More
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